J & A: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
J & A
Largest movements
- Cash -€59,645
down €59,645 (-41.6%), from €143,545 to €83,900
mainly Investment in fixed assets (net) (-€46,915) and Tax, wage and social debts (-€30,404)
- Tangible fixed assets -€38,013
down €38,013 (-10.0%), from €378,617 to €340,605
of which Plant, machinery and equipment: -€49,872
- Receivables within one year +€20,646
up €20,646 (+30.5%), from €67,634 to €88,280
of which Trade receivables: +€13,686
- Tax, wage and social debts -€30,404
down €30,404 (-32.6%), from €93,364 to €62,960
of which Remuneration and social security: -€21,519
- Profit (loss) carried forward -€23,211
new in 2025: -€23,211
- Debts after one year -€22,428
down €22,428 (-9.6%), from €234,177 to €211,749
- Accrued charges and deferred income +€12,158
up €12,158 (+3,070%), from €396 to €12,554
- Gross operating margin -€79,745
down €79,745 (-13.7%), from €583,541 to €503,796
- Staff costs -€36,664
down €36,664 (-7.8%), from €471,688 to €435,023
- Depreciation -€6,711
down €6,711 (-7.9%), from €84,687 to €77,976
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €778,270 | €712,890 | -€65,379 | -8.4% |
| Fixed assets | 21/28 | €518,810 | €487,749 | -€31,061 | -6.0% |
| Intangible fixed assets | 21 | €545 | - | -€545 | |
| Tangible fixed assets | 22/27 | €378,617 | €340,605 | -€38,013 | -10.0% |
| Plant, machinery and equipment | 23 | €367,585 | €317,713 | -€49,872 | -13.6% |
| Furniture and vehicles | 24 | €11,032 | €22,891 | +€11,859 | +107% |
| Financial fixed assets | 28 | €139,647 | €147,144 | +€7,497 | +5.4% |
| Current assets | 29/58 | €259,460 | €225,142 | -€34,319 | -13.2% |
| Stocks and contracts in progress | 3 | €33,651 | €36,081 | +€2,430 | +7.2% |
| Stocks | 30/36 | €33,651 | €36,081 | +€2,430 | +7.2% |
| Amounts receivable within one year | 40/41 | €67,634 | €88,280 | +€20,646 | +30.5% |
| Trade receivables | 40 | €57,678 | €71,364 | +€13,686 | +23.7% |
| Other amounts receivable | 41 | €9,956 | €16,917 | +€6,961 | +69.9% |
| Cash at bank and in hand | 54/58 | €143,545 | €83,900 | -€59,645 | -41.6% |
| Deferred charges and accrued income | 490/1 | €14,630 | €16,880 | +€2,250 | +15.4% |
| Total equity and liabilities | 10/49 | €778,270 | €712,890 | -€65,379 | -8.4% |
| Equity | 10/15 | €294,184 | €265,611 | -€28,573 | -9.7% |
| Contributions | 10/11 | €98,700 | €98,700 | = | 0.0% |
| Reserves | 13 | €195,484 | €190,123 | -€5,361 | -2.7% |
| Tax-exempt reserves | 132 | €1,625 | €1,625 | = | 0.0% |
| Distributable reserves | 133 | €193,859 | €188,498 | -€5,361 | -2.8% |
| Profit (loss) carried forward | 14 | - | -€23,211 | -€23,211 | |
| Amounts payable | 17/49 | €484,085 | €447,279 | -€36,807 | -7.6% |
| Amounts payable after more than one year | 17 | €234,177 | €211,749 | -€22,428 | -9.6% |
| Financial debts | 170/4 | €234,177 | €211,749 | -€22,428 | -9.6% |
| Amounts payable within one year | 42/48 | €249,513 | €222,976 | -€26,537 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €21,664 | €22,428 | +€765 | +3.5% |
| Trade debts | 44 | €122,651 | €128,027 | +€5,376 | +4.4% |
| Suppliers | 440/4 | €122,651 | €128,027 | +€5,376 | +4.4% |
| Taxes, remuneration and social security | 45 | €93,364 | €62,960 | -€30,404 | -32.6% |
| Taxes | 450/3 | €17,892 | €9,007 | -€8,885 | -49.7% |
| Remuneration and social security | 454/9 | €75,472 | €53,953 | -€21,519 | -28.5% |
| Other amounts payable | 47/48 | €11,834 | €9,562 | -€2,273 | -19.2% |
| Accrued charges and deferred income | 492/3 | €396 | €12,554 | +€12,158 | +3,070% |
| Remuneration, social security and pensions | 62 | €471,688 | €435,023 | -€36,664 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,687 | €77,976 | -€6,711 | -7.9% |
| Other operating charges | 640/8 | €1,409 | €2,490 | +€1,081 | +76.8% |
| Non-recurring operating charges | 66A | €1,003 | - | -€1,003 | |
| Gross operating margin | 9900 | €583,541 | €503,796 | -€79,745 | -13.7% |
| Operating profit (loss) | 9901 | €24,756 | -€11,693 | -€36,449 | |
| Financial income | 75/76B | €2,071 | €374 | -€1,697 | -81.9% |
| Recurring financial income | 75 | €2,071 | €374 | -€1,697 | -81.9% |
| Financial charges | 65/66B | €17,649 | €17,174 | -€475 | -2.7% |
| Recurring financial charges | 65 | €17,649 | €17,174 | -€475 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €9,178 | -€28,493 | -€37,671 | |
| Income taxes | 67/77 | €834 | €80 | -€755 | -90.4% |
| Profit (loss) for the period | 9904 | €8,344 | -€28,573 | -€36,916 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,344 | -€28,573 | -€36,916 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.